TSX dips as energy trims some recent gains

Thu Nov 24, 2016 5:09pm EST
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By Fergal Smith

TORONTO (Reuters) - Canada's main stock index edged lower on Thursday as energy shares pared some recent gains, offsetting a rebound in the materials group as copper rallied.

In lighter than usual trading volumes, with U.S. markets closed for Thanksgiving, the Toronto Stock Exchange's S&P/TSX composite index closed down 5.71 points, or 0.04 percent, at 15,075.20.

Still, it touched its highest intraday level since June 2015 at 15,121.67.

"Momentum has been very strong since the (U.S.) election," said Youssef Zohny, portfolio manager at StennerZohny Investment Partners of Richardson GMP.

"There has been a big rotation in the market, the last few weeks, more toward the cyclical side."

One of the most influential movers was copper miner First Quantum Minerals Ltd, which advanced 4.3 percent to C$16.67.

Copper prices rose more than 2 percent, heading toward their 2016 peak as funds piled in on expectations of stronger demand and tighter supplies.

The materials group, which includes precious and base metals miners and fertilizer companies, added 0.2 percent. The group had weighed heavily on the index on Wednesday, with particularly sharp losses among gold miners.   Continued...

A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014.  REUTERS/Mark Blinch